February 25, 2009, 12:28PM

Updated at 5:09 p.m. CLEVELAND -- Home sales took a dive in Ohio and across the nation last month, as worries about job losses and the economy kept potential buyers out of the market. The National Association of Realtors reported Wednesday that sales of previously owned homes fell 5.3 percent in January, after an unexpected rise in December. Existing-home... Full story »

February 24, 2009, 4:37PM

Aurora plans to buy and reopen Aurora Golf & Country Club, which closed last fall after months of falling membership and mounting debts. The city has agreed to buy the 226-acre property for $3.3 million. Aurora's City Council discussed the deal at a meeting Monday night and could vote on the sale March 9. The transaction could close shortly... Full story »

February 24, 2009, 10:18AM

The average sale price for a single-family home in Northeast Ohio was $117,029 in December, according to data from the Northern Ohio Regional Multiple Listing Service, which tracks sales in Ashtabula, Cuyahoga, Geauga, Lake, Lorain and Medina Counties. A year before, the average home sale brought in $157,411 -- a difference of nearly 26 percent. Full story »

February 23, 2009, 4:33PM

Updated at 6:53 p.m. BEACHWOOD -- Developers Diversified Realty slashed at its debt load Monday, announcing plans to sell 30 million shares of company stock to a German family with real estate investments in Europe and the United States. With more than a 20 percent ownership stake, Alexander Otto and his family will become the largest individual shareholder in Developers... Full story »

February 23, 2009, 10:59AM

Developers Diversified Realty posted a loss for the fourth quarter and decided to pay its shareholder dividends through a mix of cash and company stock. The real estate investment trust, based in Beachwood, lost more than $190 million, or $1.57 per share, during the last three months of 2008. Just a year before, the company reported $32 million, or 27... Full story »

February 21, 2009, 4:46PM

The lawyers, accountants and developers who golf at Acacia Country Club might have lost control of the club's future. Instead, a court-appointed receiver and a judge could decide to sell the club's land, influencing the fate of a rare undeveloped site at an affluent and densely populated suburban crossroads. A sale would mean an unceremonious end for an 83-year-old... Full story »

February 19, 2009, 2:29PM

"This started as a mortgage crisis, but it's become a jobs crisis," said Housing Secretary Shaun Donovan, speaking a day after President Barack Obama announced a $75 billion program aimed at a problem many analysts say has been at the heart of the country's economic tailspin. Full story »

February 18, 2009, 7:21PM

"In the end, all of us are paying a price for this home mortgage crisis," President Obama said during a speech in Mesa, Ariz. "And all of us will pay an even steeper price if we allow this crisis to deepen - a crisis which is unraveling homeownership, the middle class and the American dream itself." Full story »

February 16, 2009, 2:24PM

Updated at 5:24 p.m. Forest City Enterprises Inc. said Monday that lenders have agreed to refinance a key loan for the company's embattled Atlantic Yards project in Brooklyn. Gramercy Capital Corp. and other lenders granted Forest City Ratner Cos. a $161.9 million refinancing on the loan, which was due this month. The new deadline is February 2011. Forest City Ratner... Full story »

February 13, 2009, 3:03PM

JPMorgan Chase & Co. and Bank of America Corp. said Friday they are halting foreclosures through March 6. And Citigroup Inc. said its halt will extend until the administration has finalized the details of the loan modification program or March 12, whichever is earlier. New York-based Citi's action expands on a similar effort that it started in November. Full story »

February 09, 2009, 9:28AM

Developers Diversified Realty has paid off some debt and closed sales of five former Mervyns stores as part of an ongoing effort to generate cash and cut what the company owes. The real estate investment trust, based in Beachwood, said this morning that it fully repaid the outstanding balance of its senior unsecured notes, which matured Jan. 30. The... Full story »

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